Mideast Stocks: Mideast stocks extend gains as global equity markets rise

Aramco edges up

Investors follow stock exchange information at the Dubai Financial Market December 6, 2009. .

Investors follow stock exchange information at the Dubai Financial Market December 6, 2009. .


Most Middle Eastern stock markets closed higher on Tuesday, boosted by gains in global equities on hopes for a slowdown in coronavirus-related deaths and reported new cases in some regions.

There was an added boost from oil prices, which climbed on supply cut hopes.

Dubai's main share index leapt 5.5%, boosted by a 14.8% surge in major bank Emirates NBD, trimming its year-to-date losses to 42%.

Blue-chip developer Emaar Properties climbed 4.4%, extending gains from the previous session.

Emaar sold an 80% stake in its cooling business in the prime Dubai downtown area to National Central Cooling Co (TABREED) for 2.48 billion dirhams ($675.23 million), the companies said on Monday. Tabreed was up 0.5%.

The Abu Dhabi index  also rose 5.5%. First Abu Dhabi Bank, the country's largest lender, soared 12%, while telecoms firm Etisalat added 2%.

The UAE's Securities and Commodities Authority has extended the period for companies to report first quarter earnings. 

In Qatar, the stock index ended up 3.1%, with 19 of 20 stocks on the index trading higher. Energy firm Qatar Fuel Company rose 4.2%, while Qatar National Bank was up 4.8%.

Qatar started marketing U.S. dollar-denominated bonds in tranches of 5, 10, and 30 years on Tuesday, seeking to raise cash amid low oil prices and market uncertainty caused by the coronavirus pandemic. 

Saudi Arabia's benchmark index advanced 1.8%. National Commercial Bank gained 3.8%, whereas Al Rajhi Bank traded 1.1% higher.

Elsewhere, oil group Saudi Aramco edged up 0.2% to 32 riyals, reaching its IPO price.

On Monday, Saudi Arabia imposed a 24-hour curfew in the capital Riyadh and a number of cities effective immediately and until 

Egypt's blue-chip index jumped 4.2%, with Commercial International Bank  rising 6.8% and EFG Hermes gaining 10%.

($1 = 3.6728 UAE dirham)

(Reporting by Ateeq Shariff in Bengaluru. Editing by Jane Merriaman) ((AteeqUr.Shariff@thomsonreuters.com; +918061822788;))

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